Short Answer
The face value of a simple discount note is $12,000. The discount is 6½% for 90 days. Use ordinary interest. Calculate the following:
A. Amount of interest charged for each note
B. Amount borrower would receive
C. Amount payee would receive at maturity
D. Effective rate (to the nearest tenth percent)
Correct Answer:
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A. 12,000 × .065 × 90/360 = $1...View Answer
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Correct Answer:
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